Cornerstone Capital Resources (TSX-V:CGP, StockForum), an exploration stage company engaged in evaluation, acquisition and exploration of mineral properties in Canada and South America, announced to day that the company has received a total of 887,614 shares from Rambler Metals and Mining at a price of $0.39432 per share.
This transaction was the result of a previous agreement between Cornerstone and Rambler in regards to Rambler acquiring Cornerstone's 50% participating interest in the Little Deer project.
There is a four-month and one day hold period to comply with applicable securities legislation.
The company news release detailed, “The purchase price paid for Cornerstone's 50 per cent interest was CAD$550,000, consisting of CAD$200,000 in cash and CAD$350,000 in common shares of Rambler.”
It went on to explain, “the purchase price consists of a 0.75 per cent net smelter return (NSR) on Rambler's proportionate share of all products derived from the Little Deer Project subject to a buyback of 0.5 per cent of the NSR for CAD$500,000 at anytime; and the remaining 0.25 per cent of the NSR for fair market value as determined by the economics of the Little Deer Project's feasibility study, at any time, following the completion of the feasibility study.”
Cornerstone made headlines recently when the company updated operations at Cascabel project.
Shares climbed 10% on the news to $0.055 per share.
Currently there are 159,623,662 shares outstanding with a market cap of $8.78 million.